Special purpose acquisition company Sound Point Acquisition Corp I (Nasdaq: SPCMU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$225 million in its initial public offering.

The offering consists of 22.5 million company units, upsize from the previous 20.0 million units, priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.

The company units trade on the Nasdaq big board under the symbol “SPCMU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “SPCM” and “SPCMW”, respectively.

The proposed offering is being managed by BofA Securities and J.P. Morgan as the joint bookrunners. The underwriters were granted a 45-day over-allotment option to purchase additional 3.375 million company units at the same IPO price.

The blank check company is sponsored by asset management firm Sound Point Capital Management, reportedly with US$29.9 billion assets under management. The investment firm’s founder and managing partner, Stephen Ketchum, also leads the SPAC as its chairman and CEO.

The firm said it intends “to concentrate its efforts in sectors where Sound Point Capital Management… maintains a deep level of relationships and experience.” On its website, the investment firm claims that it has a “particular expertise in credit strategies.”

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.